Polish cryptocurrency exchange BitBay announced on Monday that it has introduced a FIAT Currency Exchange feature to its platform. The currency exchange now allows traders to buy and sell EUR, PLN, and USD.
Fiat currency is a legal tender backed by the government that issued it. Currencies such as the US Dollar, the Euro, and the British pound are fiat currencies, along with many other world currencies.
The new service is provided to traders on BitBay by Igoria Trade SA, a provider of advisory, consulting, and payment processing services.
According to a statement released by the broker, the Fiat currency exchange is only available to verified users. The minimum exchange value is PLN 25, 10 euro, and $10.
The addition of the currency exchange allows investors to exchange their funds in one place, instead of having to use third-party exchange services. According to BitBay, there will be no commission fees charged by the broker, and it will provide the market rate exchange rate.
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To use the exchange rate feature, the broker advises investors to go to the FIAT BOOK tab. After reading the regulations, click “Activate” to go to the currency exchange office.
Based in Warsaw, Poland, Igoria Trade SA was founded in 2011 and provides its services both within the country and internationally. Through its Trejdoo.com financial platform, the company offers an online currency exchange, currency cards, foreign transfers, escrow trust accounts, and other financial solutions.
BitBay moves to Malta
BitBay, on the other hand, was established in Katowice in 2014. Through its exchange it offers numerous cryptocurrencies for trading and handles $9.4 million in customer money (according to coinmarketcap.com), making it the largest such business in Poland. The company is run by its CEO – Sylwester Suszek. Previously, he co-created two large companies within the financial sector.
In May this year, Finance Magnates reported that the broker was moving to Malta because it couldn’t open a bank in its home country. This is because Malta offers a much more favorable cryptocurrency environment than Poland.
This means, from September 2018, all trading on the BitBay exchange in Poland will be suspended.